Monday Morning Musings
The market is getting a nice bounce in early trading. Oil is trading lower, which is weighing on the energy stocks. But it seems to be helping the rest of the market. The 10-year yield is also bouncing, but still low at 4.45%.
PFE is taking a big hit this morning (-15%) after cancelling tests on its new, blockbuster cholesterol drug.
There is also a healthy dose of M&A activity this morning that is likely boosting stocks. Bank of New York (BK) and Mellon (MEL) announced a merger; Station Casinos (STN) is being taken out; and LSI will acquire Agere (AGR).
In other news and notes:
- BIDU to enter Japanese search mkt in 2007
- Goldman to sell Horizon Wind subsidiary
- WAG reports strong Q1 sales
- Samsung expects +10% rise in mobile shipments in 2007
- TWP bullish on SIRF due to handset opportunity
- Amtech raises AAPL tgt to $99
- Hambrecht expects banner year for RACK
- STEC raises guidance
- Bear raises GOOG tgt to $600
long AAPL, GOOG
posted by J. Kahn @ 6:58 AM
2 comments
2 Comments:
I'm really surprised that the market is taking MRK down with the PFE news. I would think that the two biggest beneficiaries of the PFE cholesterol drug failure would be the two makers of the Zocor-Zetia combo. They got the SGP part right, but MRK isn't.
It could be exacerbated by ETF selling also
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